FSA
Use Pre-Tax Savings to Pay Medical & Dependent Care Expenses
- An FSA is a pretax benefit allowable under Internal Revenue Code (IRC) Section 125. The plan allows eligible employees to set aside a specific pretax dollar amount for the unreimbursed medical, dental, vision, orthodontia, and dependent care expenses. If you have predictable out-of-pocket expenses, you may want to consider opening an FSA.
- The 2024 Health Care FSA contributions are limited to $3,200 with the ability to carryover $640 into the 2025 plan year.
Dependent Care FSA
- A dependent care FSA is a flexible spending account that allows you to set aside pre-tax dollars for dependent care expenses, such as daycare, that allow you to work or look for work.
- You choose an annual election amount, up to $5,000 per family. The money is placed in your account via payroll deduction, in equal installments, and then used to pay for eligible dependent care expenses incurred during the plan year.
Resources
HSA
A Health Savings Account is a tax-advantaged savings account you can use for healthcare expenses.
How does an HSA work?
- Contribute to your HSA by payroll deduction, online banking transfer or personal check.
- Pay for qualified medical expenses for yourself, your spouse, and your dependents. Both current and past expenses are covered if they’re from after you opened your HSA.
- Use your HSA Card to pay directly or pay out of pocket for reimbursement or to grow your HSA funds.
- Roll over any unused funds year to year. It’s your money.
- Invest your HSA funds and potentially grow your savings!
The maximum contribution limit for 2024 is $4,150 for an individual and $8,300 for a family.
Resources
Commuter Benefit
Whether employees are coming back to the office or whether commuting has always been a part of their experience, expenses can add up.
How does it work?
- The Transportation FSA allows an election of up to $315/month for mass transit expenses and $315/month for parking expenses.
- The money is placed in your account via payroll deduction and then used to pay for eligible commuting expenses.
Resources
How to Enroll in Spending Accounts
- Getting Started – myFlexSpend WealthCare Portal
- Visit www.osv.wealthcareportal.com to access the myFlexSpend WealthCare Portal. When registering for a new account, the Employer ID is NSM Insurance Services, LLC and the Employee ID is your WorkDay ID
- Click register to create an account.
- Fill in the registration form – enter ‘first name’, ‘last name’, zip code; Search and select ‘employer name’; Enter your Employee ID.
- Choose a method to receive the verification code and enter the code.
- Create a username and designate an email and password to use with your account.
- Select and answer 4 security questions.
- Confirm your email address.
- Confirm your security questions and answers. Submit to complete the registration process.
- Member Experience
- Menus – with the myFlexSpend WealthCare Portal, you can manage your healthcare spending accounts, claims, and transactions in one place.
- Checking your account balance(s) – the benefit account summary page provides a quick view of your account balance. Get there by clicking menu > my account > benefit account summary.
- Submitting a claim or expense – the add new expense wizard will walk you through a series of questions to help you submit your request correctly. You can use this wizard for reimbursement requests or to pay a provider for an eligible cost.
- Viewing claims and experiences – view claims and transactions on the account activity Use the buttons on top to filter transactions by year, plan, status, and more! To view, click menu > claims > account activity.
- Debit cards – you can view the benefit account debit cards that have been issued to you and your dependents from within the myFlexSpend WealthCare Portal.
